Published on 11/2/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.18 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., Nov. 2 – Citigroup Global Markets Holdings Inc. priced $1.18 million of autocallable contingent coupon equity-linked securities due July 31, 2024 linked to the worst performing of the stocks of Nvidia Corp., Tesla, Inc., Twitter, Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 19% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Tesla, Inc., Twitter, Inc., Walt Disney Co.
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| Amount: | $1,181,000
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| Maturity: | July 31, 2024
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| Coupon: | 19% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above final barrier price; otherwise, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $195.03 for Nvidia, $646.98 for Tesla, $69.96 for Twitter, $179.10 for Disney
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| Coupon barrier prices: | $117.018 for Nvidia, $388.188 for Tesla, $41.976 for Twitter, $107.46 for Disney; 60% of initial share prices
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| Final barrier prices: | $117.018 for Nvidia, $388.188 for Tesla, $41.976 for Twitter, $107.46 for Disney; 60% of initial share prices
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| Equity ratio: | 5.12742 for Nvidia, 1.54564 for Tesla, 14.29388 for Twitter, 5.58347 for Disney; total per security
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| Pricing date: | July 28
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| Settlement date: | July 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NXZ6
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